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Campbell President-CEO Morrison resigns

Published on March 23, 2000.

Campbell Soup Co. President-CEO Dale Morrison has resigned, prompting the soup marketer to reinstate the former holder of the post, David Johnson. Mr. Johnson had held the position from 1990-97. Campbell said its board would seek a successor to Mr. Morrison, and Chairman Philip Lippincott said in a statement that "The board is grateful to Dale for his many contributions to Campbell. We have David returning to us during this important transitional period." The move caps a tumultous week for Campbell; Goldman Sachs analyst Nomi Ghez revised downward her 2000 earnings estimates for the company March 21 and Janney Montgomery Scott downgraded its stock the following day. Analysts have been concerned about Campbell's slipping soup volume and particularly over reports that showed it declined 5.6% for the four-week period ended Feb. 27. It's not yet known what impact, if any, the management shift might have on Campbell's shops. Its soup agencies are BBDO Worldwide and Y&R Advertising, New York.